As a seasoned cryptocurrency investor with over a decade of experience in the market, I’ve seen more ups and downs than a roller coaster ride. The current week has been quite intriguing, with some coins showing promising growth while others are still struggling to find their footing.
Bitcoin (BTC) reached an unprecedented peak shortly after Donald Trump’s triumph in the U.S. presidential elections, with the price hitting $76,460 just hours later. This surge coincided with a broader uptrend across the crypto market, which also hit new highs. Trump, known for his pro-crypto stance and pledge to establish a national cryptocurrency reserve if reelected, may have contributed to this rise. The crypto industry now looks forward to potentially improved ties with Washington after investing substantial funds in the presidential and congressional campaigns.
In the aftermath of Trump’s election win, the majority of cryptocurrencies saw notable growth spikes. The digital currencies that experienced the most significant surge were Ethereum (ETH), climbing more than 10%, and Dogecoin, which jumped by a substantial 25%. Other cryptos, such as Solana (SOL), Toncoin (TON), Cardano (ADA), Chainlink (LINK), Polkadot (DOT), and Uniswap (UNI) also saw significant gains. As a result, the total market capitalization of crypto increased by approximately 2% to reach an astounding $2.53 trillion. Commenting on the influence of Trump’s victory on cryptocurrencies, ChangeNOW CMO Pauline Shangett remarked…
The win of Trump has sparked renewed enthusiasm in the cryptocurrency market due to his supportive stance towards cryptos and plans to create a national digital currency reserve. This optimism among investors is fueled by expectations of regulatory clarity and increased adoption, which could happen soon. The sudden increase in value indicates a significant change in market sentiment. Institutional investors are now more confident in investing in the crypto sector because they anticipate a favorable regulatory environment from the government, an issue that has historically been a barrier to wider acceptance.
What The Crypto Industry Can Expect After A Trump Win
Donald Trump reveled in his election win surrounded by notable allies such as Elon Musk and Howard Lutnick, CEO of Cantor Fitzgerald. Trump had positioned himself as a crypto-friendly president, vowing to establish America as the hub of the cryptocurrency world. Given his campaign’s substantial financial backing from the political arena and associated PACs, securing support from the crypto community was pivotal.
Trump indicated that should he be re-elected, he would establish a strategic reserve of cryptocurrencies in the national portfolio, with the intention of maintaining the federal government’s Bitcoin assets permanently. Trump expressed this during a recent gathering.
not selling any Bitcoins we currently possess or acquire in the future. This means we would hold 100% of all the BTC in our possession.
The U.S. frequently sells Bitcoin and other cryptocurrencies it owns, which often leads to a decrease in crypto market values. Previously, Donald Trump expressed his intent to replace Gary Gensler as the head of the United States Securities and Exchange Commission (SEC). Gensler was appointed by President Biden and has been actively enforcing regulations within the cryptocurrency sector. However, it’s important to note that the president does not have the authority to dismiss the SEC Chair. If Trump were to appoint a new SEC Chairman, Gensler would still retain his position as a commissioner on the agency.
Under the leadership of Gensler, the Securities and Exchange Commission (SEC) initiated more than 100 enforcement cases against cryptocurrency companies. Gensler has repeatedly stated in various interviews that the crypto market falls within the SEC’s purview, with the lawsuits being filed to bring the sector into compliance with existing regulations. However, representatives from the crypto industry argue that these legal actions have not provided sufficient clarity on the applicable laws and are seen as an overstep by the commission.
Trump has expressed his intention to position America as the primary location for mining activities, including future Bitcoin mining, following a private discussion with a group of Bitcoin mining leaders from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, and Core Scientific. After this meeting, he shared his thoughts on social media.
“Supporting Biden’s negative stance towards Bitcoin benefits China, Russia, and extreme left-wing Communists. Instead, we want as much Bitcoin production as possible to happen in the United States. This would help us achieve energy independence. If cryptocurrency is going to shape our future, I prefer it to be mined, minted, and produced here in America.
A Smoother Ride For Crypto?
One major consequence of Donald Trump’s election could be the departure of current SEC Chair Gary Gensler, who has spearheaded a robust regulatory campaign against crypto traders and firms like Coinbase, Kraken, and others. This crackdown has resulted in numerous legal actions being brought against them. With Trump’s clear victory, there may be a reduction in enforcement activities once he assumes office in July. The SEC has had notable successes in court and has secured judgments that reflect their stance that existing securities laws should also apply to the crypto sector. Additionally, the agency has imposed substantial penalties on the industry, with Terraform Labs being fined an impressive $4.5 billion.
“It’s encouraging to see some instances of crypto cases being outright frauds, as it helps weed out scams from the system. I hope we see even more of these types of cases in the future. Many crypto cases also seem to be ‘registration only,’ or what could be considered technical errors when registration is not feasible.
The incoming SEC Chairman may advocate for fresh regulations aimed at amending current securities laws or facilitating compliance among digital asset firms, who were previously criticized by Gensler for disregarding certain rules. With the Senate likely under Republican control, there’s a high chance of bipartisan cooperation on cryptocurrency-related legislation.
It’s anticipated that the regulatory stance towards cryptocurrency by both the Trump administration and the newly elected Congress will be significantly more cooperative.
Dogecoin Sees Massive Rally
On Wednesday, Dogecoin (DOGE) experienced a significant surge following Donald Trump’s win in the U.S. presidential election. The victory sparked an upward trend across the crypto market, with DOGE recording one of the strongest rallies within the sector, climbing an impressive 25%. A contributing factor to DOGE’s rally is Trump’s proposed creation of the Department of Government Efficiency (D.O.G.E.), which he intends for Elon Musk to head. This potential move could substantially boost Musk’s influence within the cryptocurrency world.
“Dogecoin has experienced significant growth, fueled by approximately $30 million in closed long positions. The number of DOGE futures contracts in play has increased from 7 billion to 8.3 billion tokens, suggesting increased market activity. Furthermore, Elon Musk’s backing of a ‘Department of Government Efficiency’ within Donald Trump’s campaign seems to have sparked more interest in the meme cryptocurrency.
Bitcoin (BTC) Price Analysis
The price of Bitcoin (BTC) rose significantly after Donald Trump’s election win in the U.S., reaching a record high of $76,460 before falling back. Today, BTC is experiencing a slight decrease and is being traded around $74,600. On election day, BTC started off strong and surpassed $70,000 early on. Some experts connect BTC’s recent performance to Trump’s political promises. Even though a new high was set, Bitcoin ETFs saw a withdrawal of approximately $541 million, with Fidelity, Ark Invest, and Grayscale leading the exit. However, BlackRock’s IBIT bucked this trend and reported inflows worth $38.3 million.
Looking at the price fluctuations, it’s clear that Bitcoin (BTC) was bearish in the run-up to the elections, significantly dipping after failing to establish a new all-time high on Tuesday. There was a slight dip on Wednesday, followed by a more pronounced 3% drop on Thursday, landing us at $70,307. Attempts to recover were made on Thursday, with BTC hitting an intraday high of $71,632, but the momentum wasn’t sustained. This allowed sellers to take control and push BTC below $70,000 to $69,562. A slight increase was seen on Saturday, only for BTC to slide back into the red on Sunday, decreasing by 0.97% and settling at $68,909. As a crypto investor, I’m closely watching these movements and adjusting my strategy accordingly.
As a researcher observing Bitcoin’s (BTC) price movements, I noticed an intriguing pattern unfold over the past few days. On Monday, BTC dipped below its 20-day Simple Moving Average (SMA), as sellers managed to drive down the price by 1.49%, leaving it at $67,882. However, optimism in the market regarding a potential Trump victory seemed to reverse this trend, pushing BTC back above its 20-day SMA on the eve of elections, causing a 2.32% rise and settling at $69,458.
Ethereum (ETH) Price Analysis
After Donald Trump’s election win, Ethereum (ETH) experienced a strong uptrend, soaring past $2,700 on Wednesday and nearly reaching $2,900 in the ongoing session. However, prior to this week, ETH had been trending downward, experiencing a significant drop on Thursday that caused it to fall below both its 20-day Simple Moving Average (SMA) and 50-day SMA, settling at $2,516. On Friday, ETH experienced high volatility as buyers tried to push it back above the moving averages while sellers aimed to drive it under $2,500. Ultimately, ETH registered a slight decline and ended at $2,512. The weekend saw bearish sentiment continue, with ETH dropping 0.79% on Saturday and 1.43% on Sunday, falling below $2,500 and ending the week on a bearish note at $2,456.
On Monday, sellers held the upper hand, causing ETH to dip below $2,400, a decrease of 2.41%, closing at $2,397. But on Tuesday, markets rebounded, pushing ETH to reach an intraday peak of $2,482 before settling at $2,423, marking a rise of more than 1%. The markets soared on Wednesday following Donald Trump’s win, and ETH recorded a significant surge of 12.37%, moving above its 20 and 50-day Simple Moving Averages (SMAs), breaking through $2,600 and $2,700 to close at $2,723. During the current trading session, ETH breached $2,800, reaching a high of $2,880. However, it has since dropped from this level and is now trading at $2,816, showing an increase of 3.41%.
After Donald Trump’s election victory, is it possible for Ethereum to surpass $3,000? At the moment, buyers need to push Ethereum above $2,900. If this level is broken, we may see Ethereum testing $3,000. For now, analysts anticipate a temporary dip followed by another price rise.
Solana (SOL) Price Analysis
On Wednesday, Solana (SOL) climbed over $180 and is now trying to break through $190, following the ongoing market’s post-election surge. Similar to Bitcoin (BTC) and Ethereum (ETH), SOL showed bearish tendencies towards the end of the last week, falling below $160 on Thursday and dropping further to $166 by Friday after a 1.45% drop. The cryptocurrency experienced significant volatility on Saturday as buyers and sellers vied for control, but neither side managed to gain the upper hand, resulting in SOL remaining at $166. However, it fell below its 20-day moving average (SMA) on Sunday, decreasing by 2.20% and settling at $162. SOL also dipped below $160 on Monday as sellers drove the price down nearly 3% to $157.
On Tuesday, markets rebounded, causing SOL to climb by 5.59%, moving past $160 and finishing at $166. The optimistic outlook grew stronger on Wednesday after the election results, propelling SOL over its 20-day Simple Moving Average (SMA) and $180 to reach $186. During the current trading session, SOL briefly peaked at $192 but has since dipped below $190. At present, it is experiencing a slight increase of 0.81% and is being traded at $188.
Toncoin (TON) Price Analysis
As an analyst, I’m observing that Toncoin (TON) is experiencing uncommon volatility, struggling to break above its 20-day Simple Moving Average (SMA). Despite the bullish sentiment sweeping through the market, TON has been below this average since early October, following a downward trend as sellers aim to push the price beneath $4.50. Buyers have been making efforts to surpass the moving average but have been thwarted by the persistent selling pressure at this level. On Saturday, TON momentarily rose above its 20-day SMA to reach an intraday high of $5.08, only to be pushed back below $5 and ending the day at $4.91. Sellers attempted to drive TON below $4.50 on Sunday, pushing it down to $4.67, but it managed to recover from this level, closing at $4.91 once more.
On Monday, sellers gained the upper hand after a previous unsuccessful effort to surpass the 20-day Simple Moving Average, causing TON to decrease nearly 4% to $4.73. TON experienced significant fluctuations on Tuesday, reaching a peak of $5.08 and plummeting to $4.54 before closing at $4.70. On election day, TON briefly reached an intraday high of $5.03 as the market surged, but couldn’t maintain that level and dropped to $4.78, registering a minimal increase of 1.59%. In the current trading session, TON has risen by 1.33% and is hovering around $4.84 after making an attempt to break past $5 and subsequently falling back.
Artificial Superintelligence Alliance (FET) Price Analysis
On Wednesday, the Artificial Superintelligence Alliance (FET) surpassed a significant resistance point, joining other market segments in their upward trend. Yet, due to the 50-day Simple Moving Average serving as a fluid resistance level, the price dipped again, dropping approximately 2%. Towards the end of last week, FET experienced a substantial decline, falling nearly 5% on Friday and ending at $1.23. The bearish sentiment continued over the weekend, causing FET to drop by an additional 3.52%, settling at $1.18. It reached a low of $1.09 on Sunday but rebounded to close at $1.14 after almost a 4% drop.
This week started off with sellers holding dominance, causing FET to drop by 1.19%, landing at $1.13. But on Tuesday, it bounced back strongly, climbing over 11% to move above $1.20 and end the day at $1.25. The bullish trend gained momentum on Wednesday as FET went beyond its 20-day Simple Moving Average (SMA) and resistance at $1.35, closing at $1.41 following an almost 13% increase. However, due to the 50-day SMA acting as a dynamic obstacle, FET has seen a decrease in this session, falling nearly 2% and currently trading at $1.38.
Cosmos (ATOM) Price Analysis
The cryptocurrency Cosmos (ATOM) surged past a significant barrier of resistance, peaking at $4.65 during the day before dipping. Last week, ATOM appeared quite bearish with selling pressure intensifying over the weekend, causing it to drop by nearly 2% to $4.09 on Saturday. On Sunday, ATOM fell below the $4 mark after a decline of 2.93%, reaching an intraday low of $3.87 before closing at $3.97 for the day. The sellers maintained control on Monday as ATOM declined by 1.58% to close at $3.91.
On Tuesday, as markets rebounded, ATOM experienced a significant surge of 7.52%, moving beyond the $4 mark and ending at $4.20. The bullish trend continued on Wednesday, enabling ATOM to surpass both its 20-day and 50-day moving averages, closing at $4.51. Currently in this session, ATOM is slightly up, having dipped from a high of $4.65 to trade at $4.54.
Optimism (OP) Price Analysis
Optimism (OP) fell into the red on Thursday after a failed attempt to push above $1.80 a day prior. As a result of the intense selling pressure, OP dropped over 6% to go below the 20 and 50-day SMAs and settle at $1.61. OP continued to decline on Friday and Saturday, falling by 5.52% and 4.29% to go below $1.50 and settle at $1.45. Selling pressure intensified on Sunday as OP dropped to an intraday low of $1.35. However, it recovered from this level to move above $1.40 and settle at $1.43. Sellers pushed OP below $1.40 on Monday, dropping almost 7% to $1.34.
On Tuesday, OP experienced a resilience against heavy selling efforts, increasing by 5.69% to close at $1.41. As the market prepared for elections, it recovered. The following day, OP skyrocketed nearly 13%, surpassing $1.50 and settling at $1.60. Currently, in today’s session, OP is up by 1.61% and trading above its 20-day moving average at $1.62. Earlier in the day, OP touched an intraday high of $1.69 but could not sustain above $1.70, leading to a drop back to its current levels.
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2024-11-07 20:24